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Reply to "How much life insurance do I really need as a single parent?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Enough to: A) Either pay off the mortgage on the other parent's house (including your retirement savings) and/or B) Fully fund college for each child in a trust. Assuming your mortgage is $400K (low for this area but a stable one for practically anywhere else in the country) - you should have a life insurance policy of at least $500,000. If you have 2 kids, that means each one gets $250,000 in a trust to be used for college or their first house OR your other parent/guardian can use at their discretion but I'd see if it could go to housing and care for the children first. [b]Not sure if you can stipulate what the death benefits in a life insurance policy should be used for[/b]...unless maybe the beneficiary is a trust and the trustee has explicit instructions. [/quote] Yes you can.. through a Trust.[/quote] Did you read the second half of that sentence?[/quote]
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